The Independent Petroleum Marketers Association of Nigeria (IPMAN) has raised concerns over the price of fuel from the Dangote Refinery, which it claims is currently higher than that from other sources.
Speaking on Arise Television’s Morning Show on Friday, Yakubu Suleiman, National Assistant Secretary of IPMAN, stated that members must prioritize sourcing fuel at competitive prices to ensure profitability and affordability for Nigerians.
Suleiman emphasized that the pricing of petroleum products is heavily influenced by international market rates and that Dangote Refinery’s pricing should be transparent to aid effective planning within the industry.
“Prices are determined by international pricing. Dangote is supposed to be saying like every day, ‘This is the price I’m going to sell this product’,” Suleiman explained, noting that engagement with stakeholders is essential to set sustainable pricing.
“But he cannot be able to do that unless he (Dangote) engages the stakeholders. And you cannot just say okay, we must only buy in his own depot.
“IPMAN cannot just sit down and say ‘We will tell our members, all of you go to Dangote Refinery and buy your product and load’. We cannot just do that. This is a deregulated system.
We have to source where products are much cheaper. Then we would inform our members to go and load product in any depot that the product is cheaper.
“If Dangote has a product and is selling N1000, let’s assume, and there are other places that are selling N900. We can’t just say because for the sake we are doing business with Dangote, ‘Okay go and do it’. It’s not profitable to us. We must go where the price is lower; where we get profit. That is it.”
Furthermore, Suleman said: “We are in a deregulated economy but Dangote is like trying to monopolize the whole issue. Fine. Let us know if there is monopoly in the whole system. But we believe that it’s now deregulation.
“Like last week, Dangote’s price is higher than other places. Because if you can go by the price, the international price, crude has already started coming down.
“If I could remember, as of last week, he gave N995 per litre, and you have to bring your cargo and load. How much will you pay the cargo? How much will be the other charges to your depot? And how much will go to the depot? And we expect independent marketers to go and sell it. Can we go and sell? Look at we have to pity Nigerians.”
